Rent to Own Homes in Fontana
The below results are primarily rent to own homes in San Bernardino County, CA:
The inland valley location of Fontana keeps its 203,000 residents happy and healthy with a host of outdoor recreation options, healthy initiatives, thrilling entertainment and the largest library in San Bernardino County. Fontana is perhaps best known for its mid-20th century era drag strip and International Dragway that gave the city its nickname as Fontana Drag City. That legacy continues with the NASCAR owners’ Fontana Auto Center Speedway and the Ro-Val auto museum.
Fontana also takes its residents’ health seriously, offering an award-winning health initiative to combat obesity. Healthy Fontana provides free recreation, fitness and nutrition classes, and the Fontana City Council partners with Kaiser Permanente to provide a childhood obesity education program at Fontana Unified School District elementary schools.
Buying a Home in Fontana
With its convenient location and many amenities, Fontana is a desirable place to live, and its home prices demonstrate that popularity. In the past year, median home prices have climbed 7 percent to $325,000, well above the national median home price of $214,900. Local homes sell rather quickly, too, staying on the market an average of just 32 days before offers are accepted. Fontana is one of the top six Southern California inland valley cities for volume of home sales, reaching $59,262,300 in sales in a one-month period. New listings, though, have dropped more than 7 percent.
Popular Neighborhoods in Fontana
At its heart, Fontana is a modern, suburban city and has the large, tree-lined neighborhoods to prove it. Hunter’s Ridge is a family favorite, offering excellent schools, terrific mountain views, plenty of shopping and an average home sales price of $422,167. Environmentally conscious buyers appreciate California’s only net zero development, Sierra Crest, where houses consume less energy than they generate. Families also enjoy the amenities of Centerstone at the Landing, increasing the neighborhood’s population by 1.7 percent in the last year. The average selling price of a home in Centerstone is $445,000.
Buying vs. Rent to Own Homes
Buying into an expensive housing market like Fontana’s can be nerve-wracking. Many first-time home buyers and those with challenging credit ratings find a solution in rent to own homes. Rent-to-own arrangements are often less strict with financial requirements, and they give buyers time to amass an adequate down payment. Rent to own homes are also good options for markets like Fontana’s where home prices are escalating. Buyers negotiate the purchase price based on today’s market, but don’t complete the sale until the end of the rent-to-own contract, which is usually one to three years in the future.
Cost of Living in Fontana
Southern California’s inland valley towns are popular, but Fontana’s high cost of living is still affordable compared to much of California. Overall, Fontana residents pay $1.21 for living expenses for every dollar the average American spends. Most of this high expense, of course, is a result of elevated housing costs which are 53 percent more expensive than the national average. Groceries and transportation are also noticeably high, costing locals 10 and 13 percent more than average respectively. Other expenses, like utilities and healthcare are mostly in line with the national average.
At the foot of the San Gabriel Mountains, Fontana enjoys a prime Southern California location that’s close to major employers, exciting recreation and some of the nation’s best universities. Rural neighborhoods blend with suburban communities, giving Fontana its small-town ambiance. House hunters have a large variety of homes and neighborhoods to consider, from innovative new developments like Sierra Crest to historic areas. Fontana’s popularity leads to rising house prices and a cost of living that is 21 percent higher than the national average. Living in Fontana is still affordable by California standards, though, costing 16 percent less than the state average.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.